Russian Rosneft, Polish Lotos sign oil supply contract

03/08/2018 09:15 Oil Market

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Russia's Rosneft and Poland's Grupa Lotos signed a contract for oil supplies to Poland, Rosneft announced on Thursday.

The new agreement, which takes over from the old expired contract, will now cover the supply of between 6.4 and 12.6 million tons valid until the end of 2020.

 

On Dec. 30, 2013, Rosneft and Grupa Lotos inked an oil supply contract for Poland. The agreement allowed for the supply of up to 2.4 million tons of oil annually over the period from 2014 to 2015.

 

In January 2016, the parties agreed to extend the contract until the end 2017 having increased the annual supply volume to 2.7 million tons.

 

Rosneft's overall oil supply volumes to Lotos for this contract reached 10.8 million tons.

 

The company said the increase in oil supplies is in accordance with Rosneft’s strategy of boosting share value by increasing the efficiency of oil sales, as well as meeting consumers’ interests while strengthening Europe’s energy security.

 

Grupa Lotos is one of Poland's largest oil and gas companies and owns a refinery in Gdansk. It produces natural gas and crude oil in Poland, Norway, and Lithuania.
Source: aa.com.tr

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